Following the unveiling of the latest iPhone in San Francisco on Wednesday, it’s possible many owners of the 4S are already looking at their device like it belongs in a museum. It’s a safe bet many will be chomping at the bit to rid themselves of their ‘ancient’ handset in favor of the new one, with its bigger screen and faster processor.

If you happen to be one of these people, or if your current phone is on its last legs and the iPhone 5 seems like a fine replacement, you may be interested to know that Walmart will be taking pre-orders for the new handset at its US stores from Friday morning – for a price that undercuts its competitors.

The retail giant is offering the 16GB version of Apple’s new phone with a $189.97 price tag, as part of a two-year contract. Meanwhile, Apple, AT&T and Verizon will be selling the same phone for 10 bucks more – $199. Walmart’s prices for the 32GB and 64GB versions aren’t known.

Those choosing to buy the new handset from the store are asked to pre-order in person. In return for a $25 deposit, you’ll be given a reservation card, needed for when you collect the phone a week later.

Walmart is also slashing the price of the old iPhone 4S from $148 to $89.97, with a two-year contract. Even cheaper is the iPhone 4, going for just 97 cents with a two-year contract. That’s down from $48.88. If the iPhone 5 seems a little on the pricey side but you’d still like to bag yourself an iPhone, you have choices.

Many analysts believe sales of the Cupertino company’s new smartphone will break all records, selling 10 million units even before the end of the month. The iPhone revolutionzed the handset market when it burst onto the scene in 2007, and in the intervening years has sold a staggering 244 million units.

Users upgrading from an earlier iteration to the new model will gain a lighter, slimmer device with a larger screen, a faster processor, 4G LTE compatibility, and a better camera.